https://www.taxtmi.com/caselaws?id=468127 Where an assessee produces loan confirmations, bank statements, return filings and other primary evidence showing the identity, creditworthiness and genuineness of unsecured lenders, an addition as unexplained cash credit cannot be sustained unless the Revenue brings cogent contrary material; the loan addition was therefore not justified. Once the loans were accepted as genuine, the related interest disallowance, being entirely consequential, also ceased to survive and was rightly deleted. The stated ratio is that section 68 cannot be invoked on mere deficiencies or non-response by some lenders when the assessee has discharged the initial evidentiary burden, and a derivative interest disallowance fails with the underlying addition. en-us Wed, 31 May 2023 00:00:00 +0530 Fri, 17 Apr 2026 10:49:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468127 Where an assessee produces loan confirmations, bank statements, return filings and other primary evidence showing the identity, creditworthiness and genuineness of unsecured lenders, an addition as unexplained cash credit cannot be sustained unless the Revenue brings cogent contrary material; the loan addition was therefore not justified. Once the loans were accepted as genuine, the related interest disallowance, being entirely consequential, also ceased to survive and was rightly deleted. The stated ratio is that section 68 cannot be invoked on mere deficiencies or non-response by some lenders when the assessee has discharged the initial evidentiary burden, and a derivative interest disallowance fails with the underlying addition. Case-Laws Income Tax Wed, 31 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468127